By Peter M Lichtenstein

Peter M. Lichtenstein believes that any social-economic concept of capitalism needs to start with a conception of worth and value. brushing aside the neoclassical institution, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and cost in accordance with concrete goal conditions. the improvement of those theories within the author’s goal simply because he believes that this process comes a lot nearer than neoclassical concept to taking pictures the essence of a capitalism economic system.

This e-book, first released in 1983, is addressed to economics scholars, specifically to these learning microeconomics or the heritage of financial concept, and to economists looking an outline of those issues.

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Extra resources for An Introduction to Post-Keynesian and Marxian Theories of Value and Price

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With the latter two factors given, income distribution becomes entirely a market affair in which individual owners of resources meet buyers in resource markets. How different ownership patterns can influence the outcome of the market is not relevant to the analysis. This points to the general lack of importance given to the idea of social class by neoclassical theory. A social class is a grouping of individuals who share one or more common attributes. ). Those who own means of production and whose income is subsequently derived from this ownership make up the capitalist class.

Once a hypothesis is generally accepted as true, it becomes a theorem. A theorem is the basic building block of all theories. By logically assembling a group of theorems, we create an economic theory. In the next chapter we explore the general nature of the postKeynesian/Marxian tradition and see how it differs from the neoclassical tradition. This analysis will help us to understand the context in which value theory and price theory are situated. 2 The post-Keynesian/Marxian alternatives It is easy enough to make models on stated assumptions.

However, once the actual physical output finds its way to consumption, nothing else happens. And how the initial endowment of factors of production comes into existence in the first place is obscured. The full meaning of these observations will become clear as we proceed to later chapters. 2 Selected criticisms of the neoclassical paradigm Our purpose is not to provide a general critique of neoclassical economics. However, it is essential to stress certain selected weaknesses 16 COMPETING TRADITIONS of the neoclassical tradition in order to better understand the strengths of the post-Keynesian/Marxian challenge to that tradition.

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